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Old 05-14-2009, 05:12 AM
 
Location: Tampa Bay`·.¸¸ ><((((º>.·´¯`·><((((º>
4,696 posts, read 7,890,053 times
Reputation: 13657

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Given by Gretchen in Real Estate forum:

A short sale is where the owner owes more on the house than what he can sell it for and still pay off his mortgage(s) and cover his closing costs. Sometimes an owner has the additional funds available to bring to closing to cover the deficeit. Most times, though, he doesn't and the lender must approve the "short sale". That means the lender has to agree to the price and terms of the offer on the house. Also the seller must provide "proof of hardship" and lots of financial records. The lender will also require either a BPO (Broker's Price Opinion) on the market value of the house or an appraisal. If the offer is too low, the lender will probably reject the offer. The lender may also decide to foreclose rather than agree to the short sale.

It can sometimes take 60-90 days to get a "yes" or "no" answer from the lender.
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Old 05-15-2009, 08:14 AM
 
Location: Riverview, FL....for now.
1,404 posts, read 5,697,912 times
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It can also take longer. I have had an offer on a short sale town home for almost 5 months now. We have decided to give them an ultimatum, the 2nd mortgage company is the only thing we are waiting on-they need to respond within 14 days or we withdraw our offer--they have no other offers nor have they had any other offers since it was put on the market...take our offer or leave it and the place will sit longer--there's no biters. We did this yesterday, so hopefully we hear something soon, they told us to give them just a day or 2 more--we shall see. They were purposely stalling ofcourse, they all do, to see if another offer comes in, maybe a higher one. We lost 2 like that. They want to play the game that way, but if we offer on the other place in Valrico, they said they will not accept other offers, just work on ours. So if these people refuse to tell us something in 14 days, we will more than likely end up with the one in Valrico-bothers me none, I like it better. But yeah, if it take the whole 14 days, we will be working on our 6th month of waiting--YIKES!
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Old 05-15-2009, 08:55 AM
 
Location: Tampa, FL
27,798 posts, read 32,416,863 times
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Buying a Foreclosure/Short Sale in Florida

good thread in sarasota forum
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